let's get more on adani.hort seller in the bird research says the group's response to its report alleging stock manipulation and fraud has failed to answer most of the questions imposed. many adani a group companies stocks and bonds have dropped. they say the report is bogus and unresearched. let's get more with pr sanjay in mumbai. >> adani has issued a 413 page rebuttal largely saying this is a baseless allegation and hindenburg research is largely ignorant about indian laws and regulations. whatever these allegations are not just adani but india also. in other words, they are putting nationalism in front of this allegation to cover up and also adani has clearly said has been managing equity funds from investors. one less point with the allegation made on their directors etc., they have all been approved and given the green light to the supreme court. essentially, hindenburg research do not understand the regulatory framework of india. that is what adani group is saying. they give -- they have given intervi

a mixed bag with regards to the trouble with adani. the attacks on adani groups. question what is going on with corporate indian accounting practices. this multibillion dollar conglomerate. the alleged fraud is an anomaly. investors put a premium on solid corporate bookkeeping. thank you for joining us. give us a sense of how you are looking at this. >> based on a model that tracks financial statement inconsistency. our strategy is to seek long exposure to the top 25% we rank and short the bottom 20 5%. the return is significant for the indian market generating 11% for the last 10 years. rishaad: do you think chinese equities and indian equities, how do they differ with regards? >> both markets have been hit by shortselling research reports in the past. if you look at the bigger caps, indian markets seem to be -- paying for a much larger premium for companies with good accounting practices. in the hang seng index, probably the top 60, 80 companies, the return is negative. the reason is maybe because a lot of more companies in the hang seng stay on the enterprises

adani group.he adani group cfo commenting and putting out a statement saying that the company maintains the highest standards of corporate governance. this is our top story in the bloomberg business flash. here is laura wright. laura: shares in adani group companies are falling after the activist investor and didn't break research said it was shorting the empire's stocks. it -- hindenburg specializes in activist shortselling on the report was released the same day that adani enterprises began a key shares sale over subscribed. adani's cfo says the company has always been in compliance with laws. the u.s. stock exchange says that some trades will be declared null and void after glitches caused trading hold in hundreds of stocks. the exchange says the systems issue affected more than 250 stocks as trading started in yesterday's session. some of the biggest u.s. firms including wells farm -- wells fargo and mcdonald's were hit. murdoch is planning to drop the merger plan with fox. the deal first anno

and we have got the latest on the adani saga with pr in dubai. manus: intel plunged after the market closed, it missed. the chipped giant gave one of the gloomiest forecasts in its history. quicktake's alex webb is with us , a company in transition, just how dark are the clouds for intel? alex: near-term, they are looking pretty dark. the christmas quarter missed estimates. we have seen slowdown in pc sales, laptops as well, that's where a lot of intel's business comes from. a lot of electronics were bought during the pandemic when people had more disposable income. not as much spending on those devices. but the real pain for investors was in the outlook. the revenue outlook of 10.5 to $11.5 billion, well short of the $14 billion analysts expected. back to levels not seen in more than a decade, so a lot of work for the ceo, as he tries to catch up with tsmc. that is the contract chipmaker that is leading the field in recent years. dani: thank you for coming in. it's a rare morning on daybreak, where we get you in the studios. speaking of the chip

adani group is exploring legal action against u.s.ler engine bird research after it accused adani group of accounting fraud. adani group says the report was maliciously mischievous and not researched. emme bryant joins us now for the details. give us the latest. >> there is a lot of pushback coming from the adani side, which is probably not unexpected. of course, this report from hindenburg, which is not the average shortselling, they do have credence, some of the scouts they have claimed. nicola, the each track maker, for example. they are very sensitive and concerned about the impact of this, particularly on the follow on shares sale that they have just embarked on and luring investors for. the timing does not look good for them, which explains this full throated pushback. it has been a broad rush thus far. they have not gotten into the specific allegations that have been raised in the very long and detailed hindenburg report, but that could come given the way they have responded to criticism in the past. tom: and you touted this, o

vonnie: just want to point out something to do with adani.he group's dollar bonds have gained after the share sale. we saw in the chart there that the bonds were absolutely tanking after the hindenburg research report. but since the share sale was successful, most of the group's bonds have gained. adani green energy 2024 bond rose 1.5 cents on the dollar. continue to follow that story on the bloomberg for more. still to come, the vice chairman of hung limp properties tells us about which parts of the real estate sector are due for recovery. and, investment manager for hong kong and china equities gives us her market outlook as trading begins. that is it from daybreak asia. our markets coverage continues as we look ahead to the start of the trading day in hong kong, shanghai and shenzhen. standby for bloomberg markets: china open. this is bloomberg. ♪ every day, millions of things need to get to where they're going. and at chevron, we're working to help reduce the carbon intensity of the fuels that keep things moving. today, we're producing re

after the staving -- the skating report on adani.bu dhabi has been seeking to restore confidence in his empire. kriti: we know that the uae has largely invested in the adani empire so that $400 million follows a multibillion dollar investment when it comes to adani enterprises and it is something bear taking a hit in an shares -- and he and stocks are taking a hit and it is fascinating having and opinions. one person said, heather burke least -- research is right -- hindenburg research is right. kriti: --jon: we saw a huge rebuttal from adani and we will watch it but given the selloff, the corporate government's concerns are front and center. kriti: it has ripple of flex -- ripple effects across the globe. the s&p 500 lower by about 9/10 of 1% and the nasdaq outperforming -- underperforming. do we see a turnaround into the closing belts? they gear is higher and dollar higher. crude going in the opposite direction. for jon erlichman, i'm kriti gupta. scarlet fu joins us next. this is bloomberg. ♪ thanks to avalara, we can calculate sa

looking at adani.s. 20% to the downside. 4.2% to the downside since this report. . also losing ground here are some of the other groups. we wait for the response to these allegations. stockman inflation and fraud. this is bloomberg. ♪ rishaad: let's have a look at the latest business flash headlines. bed, bath & beyond has received a default and essence have faltered in payments. breaching the terms of a credit line around $2.1 billion of obligations as of november. a beating of late trade after a dire forecast. intel expecting maximum cells of $11.5 billion, far below their estimate. the company expects big cuts in customer inventory this quarter. >> i want to remind everyone that we remain focused on short-term headwinds while executing the long-term strategy. rishaad: this is kicking off trading at 9:30 in the morning. 12:30 in hong kong. the time in iraqi at the moment is 11:00 or 8:55. much-needed loans are in flux. $6.5 billion imf lending stalled with a debt default perhaps on the cards. let's m

adani says they are exploring legal options available to it.denburg says it welcomes any sort of legal challenge. it is really standing by the report. it took them two years to research. >> of up next, kelly dittmar from rutgers university says why some the markets was unexpected. this is bloomberg. ♪ powerful website for free with a partner that always puts you first. godaddy. tools and support for every small business first. introducing the new sleep number climate360 smart bed. the only smart bed in the world that actively cools, warms godaddy. and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. >> let's get to our next guest. talking about new zealand prime minister's resignation. joining us now is kelly dittmar from rutgers university. great to have you with us. we know that politics is tough. it is tougher when you are a woman with the family. how has this set of challenges converged when it comes to jacinda ardern's resignation? >> i think

and it is being denied by the adani group executives.y have also threatened that they would be taking legal action against hindenburg research. the story is developing. it will be one to watch. tom: it has a lot further to run. always excellent, thank you for bringing us the latest on the misfortunes or controversy around adani group. talking of stocks and individual names, let's bring to our attention some of the mover's. in the grocery space. family-owned bestway group buying a percent stake in sainsbury, the second largest grocer in the country. the bestway group is the owner of cost cutter among others and saying they are open to increasing their stake at some point. shares rally on the back of that new speculation about the future of sainsbury. h&m is a different story with earnings pointing to a contraction around margins and concerns about high inventory. talk arete -- stocks down around 6%. lvmh up five -- 5/10 of 1%. sales rising 10% in the last quarter and they are optimistic about the future as chinese consumers come back out

today the group head of adani said it was a reckless attempt to undermined the goodwill of the adani group and its leaders. it is in the process of raising $2.5 billion right now. dani: thank you so much for joining us, i know you quickly hopped on the phone to cover this for us. coming up, will the bank of canada be the first g20 central bank to stop hiking rates this year? we will discuss, next. ♪ manus: the bank of canada raised rates for the eighth and potentially final time. it was match with market expectations, most analysts did not see it explicitly declaring a potential rate pause. nobody saw it coming. bad bond traders. good to see you. did you see that coming? they are setting the table for plausible possibility. >> i think they are all on the same trajectory, they are all coming together by spring. dani: they come to the end, but then what happens? the market thinks cuts. what do you think? >> know, i don't think there will be cuts this year. the data is still too strong. if you have pmi's going into contractionary territory, that could be a pause for the central banks by

this is an adani issue but also an india issue.s is at a point when a lot of companies are looking to india is the alternative to china. i'm wondering if a lot of people are sitting on the west coast, looking at this, thinking, i probably need to do more due diligence when i think about moving assets or production or whatever it is out of china into india. ed: venture capitalists, many of them in the bay area, have a very keen interest in the indian market and indian startups. it is one of the more active markets behind china when you consider a single nation in that asia and asia-pacific region. i want to go back to the basics of the report. they basically claim that adani, the conglomerate and he himself, have a number of offshore shell entities in mauritius, the caribbean, and the united arab emirates, which hindenburg claims is being used to facilitate corruption and money laundering. the other side of this is conglomerates, family-owned conglomerates, are a mainstay in india. they are quite normal and concerns around that and

adani himself lost $5 billion. range of listed entities in india, around 5% to 8% lower in the trading. india shut today, so we will not see much of a follow-through reaction there. kathleen: what about the share sales in other aspects of this? annabelle: this is another way to test shareholder appetite. adani says that hindenburg report was timed to jeopardize the share. it actually was relatively strong, because the company is looking to raise $2.5 billion. they had price shares and a raise -- range of 3112 rupees up to 3276 rupees. they sold in the first trench of this so-called anchor book, sold at the top end of the range share. it does indicate that investors are putting these concerns aside for now. kathleen: and about, we will get back to you in a half-hour, as we get ready for the korean-japanese trade. let's get a check on the business flash headlines. ibm has delivered the annual sales forecast, but says it will eliminate 1.5% of its global workforce, almost 4000 jobs. ibm cfo says the cuts will focus on

a quick look at the adani stocks.having a rough time yesterday, but did end up positive. premarket up 3%. look at the others, all reducing their companies's market capitalization and a daily basis it would seem. in india also, we have the budget coming up tomorrow. calls for fiscal prudence with hopes of tax cuts. this is bloomberg. ♪ rishaad: 24 degrees in the indian financial capital. unveiling its budget. bloomberg's reporter reports on what we should expect. s india's finance minister prevents its government's finances, she will be grappling with the global recession. economists expect the government to stay the course on reducing the budget deficit. directing expenditure to its infrastructure and manufacturing. >> make no mistake, probably more infrastructure spending is always a good thing in india and the economy fundamentally has really turned a corner. there is something going on in india in terms of industrialization. manufacturing coming back. >> it is being urged to cut import duties across value chains, f

adani says the report was timed to jeopardize that. we have seen the anchor portion of this doing well. the subscription stance at 1%. a lot of questions still coming through including from bill ackman who tweeted last week that he thought the hindenburg research report had a lot of credibility. he has come out with another saying he thinks there are a lot of issues for banks involved. and also they need to be doing a lot more due diligence as well. we will see how those stocks come online but so far we see them losing north of $50 billion. vonnie: we will see if we get a response from jeffries. let's get to su keenan. >> u.s. house speaker kevin mccarthy and president biden have agreed to meet on wednesday to discuss raising the u.s. debt ceiling. an agreement could produce government spending and avoid a sovereign default character mccarthy said while reductions in social security and medicare should be off the table, all discretionary spending including the defense budget should be reviewed for waste. china has reported a sharp drop

to the bitter row involving asia�*s richest man now — indian billionaire gautam adani.lers hindenberg has wiped over $10 billion off the group�*s stock market value this week. according to bloomberg — adani will be issuing a detailed response later today — but it�*s already called the report �*maliciously mischevious�* and said it�*s considering legal action. katie silver is following the story in singapore. over the story in singapore. to you. over thesto insinaore. to ou. ~ have over to you. that's right. we have already _ over to you. that's right. we have already seen _ over to you. that's right. we have already seen shares - over to you. that's right. we | have already seen shares lose another 5% today, off the back of those big losses that you mentioned on wednesday, on the markets in india that were shut on thursday. this follows a report by the us —based company hindenburg. it specialises in short selling, basically betting against companies doing well. as the result of a two—year investigation, they haveissued two—year investigation, they have issued a report a

we will watch the adani story and the story in the u.k.here are no tax cuts coming especially when it comes to addressing green subsidies. that's the message from the chancellor of the exchequer, jeremy hunt in an exclusive bloomberg interview. find out more next. this is bloomberg. ♪ jon: this is bloomberg markets. time for today's for what it's worth. our number today is $400 billion , roughly how much the has earmarked for subsidies under the inflation reduction act. it signals a priority for green investments, it creates competitive threats for other nations like the u.k. the chancellor of the exchequer pushing back against the idea of green energy subsidies in an exclusive interview with bloomberg. >> we think that if we are going to have the transition to net zero, we should benefit from free and open trade between all the countries that share that ambition. i don't think subsidy is necessarily the best way. people want to create innovation and ideas in a regulatory structure that encourages investment. jon: the view there from jerem

also, the selloff in adani group shares are continuing. if you look at the 10 companies that make up the conglomerate, they lost $75 billion in market value in the last week. european markets, still a bit of pressure, earnings across the board, we had three to four european banks that beat expectations. also, unicredit with a buyback. and we look at commodities and what is happening in the u.k. we have an incredible story about looking at the cost of brexit, it is about 100 billion pounds. the picture across asset, we look at treasuries and commodities on the move. nasdaq futures are flat. european stocks also pre-much flat. the u.s. 10-year yield 3.5161 as we figure out what jay powell will say. breaking news on the norwegian sovereign wealth fund, annual performance is just coming out, this is an extremely interesting story. because the sovereign wealth fund has really been trying to stay away from some of the oil-rich investments they had in the past, so the fund lost 14.1% in 2022, under a lot of pressure finding the right bonds they w

and pr sunday has an update on adani. and we will have reactions to ubs earnings from our specialist in bloomberg intelligence. the international monetary fund its global economic outlook for the first time in a year, thanks in no small part to china, where pmi data this morning showed manufacturing and services expanded for the first time in four months in january. joining us now is bloomberg's james mayger in beijing. it wasn't long ago that the world bank downgraded their outlook for 2023, this is different now from the imf, why? james: the last two months, china has done a complete 180 on the policy that said it would continue, the covid zero policy. in november, everyone expect that to continue for a long time. then in early december, they did the hard return and the country has completely reopened. it seems everyone has had a covid, and the expert in in february is a big pickup in economic activity and consumption demand which has been suppressed especially over the last two years by covid zero. so the expectation i

su: we start with the latest on gautam adani.ished a lengthy response made by hindenburg research, addressing a majority of the questions raised by hindenburg, calling the report a calc elated securities fraud as well as an attack on india. the response, which was 400 pages long was tied around the last leg of the follow-on share of sales. u.s. treasury secretary janet yellen says the u.s. economy remains at risk of recession amid high interest rates. yellen told bloomberg news she is encouraged -- is encouraged inflation is coming down and inflation remains tight. economists expect u.s. gdp to shrink, seeing a 65% chance of a recession in the coming year. to china where they have resumed issuing visas to japanese nationals, ending some of the retaliatory measures it took against covid-related curbs on its own travelers for supper chinese embassy in japan issued a statement on its official we chat account. china's domestic plane trips almost doubled from one year ago during the week of the lunar new year. trips jumped 80% as beij

indian conglomerate adani group hits back after a short seller accuses the firm of widespread corporate fraud. and the big chill. the arctic frontier conference starts in northern norway hoping to address a multitude of issues for people, countries and companies — we speak to the organiser live in tromso. we begin with the airline industry and hope for staff at the collapsed airline flybe. ryanair and easyjet say they are happy to snap them up. easyjet says it has 250 vacancies for cabin crew, ryanair says it has vacancies in all categories, including pilots, engineers and ground staff. flybe went into administration on saturday putting 277 staff out of work. in about 25 minutes we'll be getting ryanair�*s third quarter results which are expected to be strong due to pent—up travel demand. joining me now isjohn strickland, airline analyst atjls consulting. good morning, lovely to see you. let's start with flybe. the staff were concerned about their future but easyjet and ryanair say they are ready and waiting. ryanair say they are ready and waitinu. ~ ryanair say they are ready and waiti

adani has not responded here. you can see adani enterprises is 1.9% to the downside. some stage in march this year. philippine airlines holdings are down 2.5%. for others, a mixed bag. asiana airlines in tokyo is a bit to the downside. ana holdings, a bit of a mixed bag that we are definitely positive. we have a right decision out of thailand, coming up at 3:00 this afternoon and that is expected to show an increase in the cost of borrowing there. we have seen the thai bat as one of the best performers in this part of the world. singapore with inflation numbers in a few hours as well. the straits times index gaining one .75% movement to the upside. australia saw higher than anticipated inflation. the headline, 32-year high there. this is bloomberg. ♪

, as well there was recent acquisition of a cement company by adani for $10.6 billion, underwritten byd charter, deutsche bank, as well. and private equity played a role, as well. apollo, who we spoke to a couple of weeks ago, gave adani a $750 million loan that's the mumbai international airport. so his tentacles are all over the infrastructure story >> that, robert, kind of reinforcing the questions being raised here? >> it is you know, the other broader question, which any investor would ask, how does the stock go up 3,000% in just five years which now trades at a multiple at a pe of over 400 times. setting aside all of the offshore allegations and everything else, just any stock up 3,000% in five years, with a 400 multiple, would raise questions to any investor. >> what is the significance of $2.5 billion, while big, it's a drop in the bucket of what this company and man is worth what would be the best use of those proceeds, robert >> they will expand the shareholder base and pay down some of that debt. the question now is, abu dhabi had about $2 billion so they were in. a lot of h

. >>> as we head to break, look at the shares of adani group. all of the stocks are down for a second straight day. if you are not following this, you should be. the research firm announcing a short position earlier this week moreover, claiming that adani group founder and chairman, who was the third richest man in the world, is pulling, quote, the largest con in corporate history. all the numbers not fraudulent, but close to it. last night, investor bill ackman calling the research highly credible and extremely well researched this is the $50 billion fight you should be paying attention to stocks are all down. a bk ghafr iswereacrit teth this is ge aerospace, advancing flight for future generations. ♪ welcome to a new era of flight. >>> caution ahead. a growing number of companies signaling a tougher road >>> chevron's numbers coming out soon off the blockbuster buyback and dividend announcement. one that ticked off the white house. >>> and we are staying in the energy path. the sector's red hot run in the last year could fuel deals of mergers

. >>> volatility involving shares adani and many publicly listed subs subsidiaries some $50 billion in market value wiped out last week. this despite a 50-page response over the weekend to a short seller calling it an attack on india itself adani's response failed to address the core allegations of the report >>> bp is trimming outlook for oil and gas in the latest forecast the company arguing the issues brought on by the russian invasion of ukraine will push countries to pursue greater energy security over the next decade with the emphasis on renewables >> thank you, pippa. >>> back to the broader markets with two trading days left in the month. majors are sitting up pretty s&p is up 6% nasdaq up 11%. as the saying goes, so goes january, so goes the year. that bodes well for the next 11 months since 1950, when the s&p is higher in january, the year overall has been positive 86% of the time with the average return of 12% let's talk more about this and the busy week ahead with ryan detrick. ryan, we turn to you often times on air and on social media for some of the big statistical measu

billionaire gautam adani's flagship is offering investors discounts of shares at 10%. seeks to reach -- raise around $1 billion. adani says roughly half the money raised will go towards expanding airports and renewable energy projects. less than a quarter of the amount be used to pare debt. bank of america said to be pausing hiring except for the most vital positions as the bank tries to manage cost. sources tell bloomberg it will hold off on bringing in new workers at least until the middle of the year or until the economy shows signs of a turnaround. certain roles will still be filled in units that have seen growth. let's have a look at the markets as we head towards the hong kong lunch break. the hang seng as we had to that has paired its losses. it is flat right now, but nearly every industry group on the msci asia-pacific index is down. we do see the cost of crude falling back. wti at 1.7% to the downside. we have overall a day where we have got more losses coming in for the nikkei 225 after the gains we saw the session on wednesday. ♪

the selloff of adani's empire accelerated, erasing more than $50 billion of market value in less than two sessions. the fallout from a were port remained research as investors keeping an ion the sale by adani enterprises. the group disputes allegations of corporate malpractice. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm lisa mateo. this is bloomberg. ♪ >> the first thing we have to do is the plan to have inflation. that is going to require discipline. when we are able to, no one wants to cut taxes more than i do, but we have to recognize that this is the priority for business, as well as consumers right now. tom: he is the chancellor of the exchequer of the united kingdom. his name is jeremy hunt. particularly for a waking america, how do you know him? he is the gentleman that made the best olympics in ages work. he is the guy who did the london olympics. he is an expert at organization. also an expert at organization is anna edwards. let me just start with a basic view from 60,000 fee

adani, the richest man in asia, he left the top 10 billion of the world.the beginning of the year, he had already lost more than 36 billion dollars. this was the news of the economy in a nutshell. whatever is more convenient for you to pay , it’s more convenient for me to use maps of the world, it’s more convenient for me to use a phone using qr-codes. yesterday's not the day before yesterday i can pp died to pay, but which button to pay online? can you pay? as you wish, each as it suits him. choose your payment method with the world payment system and the fast payment system. order products for free. uh, these abrams and leopards are amazing. no problem. we know their weaknesses and we have destroyed them. we are ready to meet the weak points of the accomplices of the kiev regime enough and this crew of the combat vehicle knows them by heart , works quickly and accurately, not a single misfire in the first special military operation. we already we have been serving together for a long time, we are contractors. uh, in general, we have an excellent crew. eh

shares of most adani group firms slumped again today.t $68 billion in market value. over the weekend adani released a 413 page rebuttal against allegations of fraud. toyota is the world's largest automaker for the third year in a row. japanese companies sales were mostly flat at 10.5 units for the year. meanwhile volkswagen sales fell 7% to 8.3 million units, the lowest level of deliveries in 11 years. bloomberg has learned the chinese search giant baidu will roll out in artificial intelligence chatbot. the tool will allow users to get conversation style search results. it is said to debut in march. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am lisa mateo. this is bloomberg. ♪ 92% still active? seems high. seriously? it's just a bike. wait. they make a treadmill with an intuitive speed knob? yeah. want to try? 92% stick with it, so can you. rent a peloton bike or bike+. terms apply. conventional thinking delivers conventional results.

it's bennett to adani mitchell.itchell gets one hand on the ball and out trestles josh newton for it. georgia went to the halftime locker room with a 38 to 7 lead horn. frogs didn't exactly rally in the second half. half bennett will put one on the money to napa product, brock bowers. through four touchdown passes on the night. nice job by bowers to fight for this 22 yards score. tcu was a nice cinderella story . but kirby smart and the georgia bulldogs finished perfect 15 and oh, season to win back to back national championships. 49ers will try to do something in this year's playoffs they couldn't do last season last year after beating the rams twice in the regular season, they were eliminated by l. a and the nfc championship game this year. their first round opponent is seattle team. the 49ers also swept during the regular season. that means there won't be any surprises about what both teams personality capable of remember. it was just back on december, 15th 49ers clinched the nfc west title in seattle seahawks ha

indian conglomerate adani group hits back after a short seller accuses the firm of widespread corporate— we speak to the organiser live in tromso.

shares in adani group companies are following after was said they were shorting the empire stocks.g brazen market manipulation and accounting fraud. manus: that report was released on the same day as a key share sale. representatives for the group did not immediately respond to calls and email seeking a comment, saying the company would issue a statement in response to the accusations later today. it's number four on the bloomberg list. i want you to focus in on today's wealth change, his well today has fallen by $900 million alone. tom: in a single day. this is a significant business empire. we will bring you more details when they come. the response we are waiting for as well. back to the earnings picture, asml generally met earnings estimates, beating on net sales for the year, as global chip demand remained strong. let's bring in april from amsterdam for the details. what is the demand outlook for chipmaking in the quarters ahead? april: good morning. asml sales forecast for the first quarter beat analyst expectations and also provided a new outlook for 2023. analyses sales gro

any companies linked to adani fallen by as much as 20%, stocks and bonds as well.w you the surge in value plays. this might be a rotation that's taking place in investors after the 11% up in nasdaq tech stocks so far this month. you have maybe a rotation-backed value in growth mostly because of this week's federal reserve meeting that could have the fed raising rates, higher than 5% by this year. maybe not even cutting rates on the back half either so that has people going back into these value names like amedical am exd united -- amex and united health. fidelity marked down their stake in twitter by 60%. fidelity is a big name and manage around $90 billion or so. they didn't santa claus rally a huge stake in -- have a really huge stake in twitter but they're taking a hit early and don't see a lot of value in twitter under musk and this leads us into meta's report card on wednesday night and key for pretty much all social media stocks including twitter and will give us a read on health of advertising revenue. meta is one of the best tech performers this year, up 26

adani has moved into media companies but the thesis for hindenburg is that even his cement companiesde. they have multiples like tech stocks and that for them as a whirring side and hindenburg, again, a short seller taking caution of what they say and they have seen 85% downside drop from where they think these assets are really valued. caroline: they certainly meet their impact from a monetary value perspective over there in india so we have to keep all over that story. it's not the only area of wealth destruction really. you think about the erosion of value across assets we think about crypto in 2022 and we will be discussing anthony scaramucci because his phone has been slammed. ed: plus we have lots of capitals all things bc, all things generous with ai. this is bloomberg. ♪ the only smart bed in the world that actively cools, warms and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. caroline: welcome back to bloomberg technology. i'm carolyn hyde back in new york. both of us took

the firm published in almost 100 page report on the adani group, sending shares tumbling today.ccusations baseless. bloomberg has learned that the u.s. vice chair of the federal reserve is the top contender to be the next head of the white house national economic council. the president has not yet made a final decision. global news, 24 hours a day, on-air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark this is bloomberg. ♪ ♪ jon: welcome to bloomberg markets. kriti: we are seeing red on the screen but perhaps the selling pressure has abated a little bit with the s&p 500 only down 0.4%. it was at session lows at 1% earlier. 344 on the 10 year yield. we have gone to a 6-7% trading range. that brings me to the dollar. after you see the yields move, the dollar potentially moving in sync with the canadian exchange rate stronger by about 0.2% off the heels of that bank of canada decision we will dive into in a moment and brent crude has an 86 handle. a little bit of a risk reversal when it comes to the commodity marke

second quarter bennett to adani mitchell mitchell gets one hand on the ball than out trestles josh newton georgia went to the halftime locker room with the 38 to 7 lead. the horn frogs didn't exactly rally in the second half. bennett puts one on the money to napa product. brock's bowers bennett threw four touchdown passes on the night. nice job by bowers to fight for that 22 yard score. tcu was a nice cinderella story, but kirby smart and georgia bulldogs finish up perfect 15 season two in back to back national championships. so how's it feel? it's special, um. you know, it seems like for the past three or four months we've been looking, you know, see if somebody can beat us, and we just, you know, ran out of games. um nobody could. the 49ers will try to do something in this year's playoffs they couldn't do last season last year after beating the rams twice in the regular season, they were eliminated by l. a and the nfc championship game this year. their first round opponent is seattle. the team. the 49ers also swept during the regular season. that means there won't be any surprises about

. >>> overseas in india, shares of adani continue to slide for the third straight session and hindenbergccuses of accounting schemes. it would pursue remedies to protect investors before authorities. hindenberg says it failed to address the core allegations in the report the gas and transmission stocks dropped by the daily 20% limit in today's section in mumbai the drop of the stock represents a $28 billion loss in the for t fortune of the founder in adani. he was second in the richest list behind musk, but now fallen to seventh mike. >>> the chiefs and eagles are heading to the super bowl. the chiefs and bengals were appearing to go to overtime, but the penalty helped the chiefs to get into field goal range and the final score was 23-20. and the eagles beat the 49ers 31-7 the super bowl in arizona. kansas city and philadelphia both number one seeds. this is how it stacked up before the playoffs it is a rerun of the 1980 world series >> you usually have -- >> see if jim cramer has a voice today. >> you usually have some market statistics of how the market is supposed to go as a result of

adani has been very clear about this. they're planning to wrap up this share sale today in india.is worth $2.5 billion. they are not going to be offering any discounts. that is what they are saying publicly, but when you take a look at what we are seeing in terms of investor interest, lots of speculation is building. we have not seen great demand as yet. investors in indian ipos do usually wait until the last day of the share sale to place their bids. that in mind, we have still only seen 2% on the overall subscription rate. this chart taking a look at the huge run-up we have seen in stock price. that is the big concern for investors. are these valuations justified? we have seen shares now falling below the bottom of the target band for this share sale. it is difficult for anyone to justify whether they would best. some analysts saying we are going to need to see some sort of extension, even if the stock does manage to climb above the sale price. >> a phenomenal story. it was supposed to be the idea that it would open them up to a bigger pool of investors. is that working? >> not

earnings, though india has cooled off in the past week following short seller hindenburg taking aim at adanie manipulation. bill ackman weighing in. i asked morgan stanley about all of this and said it's more of a short-term risk for the country. she remains bullish long term on india, the political backdrop remaining stable and the effect helping the country as well. morgan >> seema moody, thank you. >>> after the break we're going to check in with nfl super agent f drew rosenhaus following yesterday's big games. the biggest laggards on the ndx down 1.9%. earnings names like rivian and lucid, lucid after the massive move on friday, and pinduoduo esrehimoinertech names und prsu ts rng. we'll be right back. doors lead us to new opportunities. your dedicated fidelity advisor... -surprise! -for you, mama. ...can help you open those doors. by proactively reviewing your entire portfolio. with an eye on taxes and risk. doors were meant to be opened. ♪♪ choosing miracle-ear was a great decision. like when i decided to host family movie nights. miracle-ear made it easy. i just booked an appointment

what we're being reminded today is that india is an emerging market >> and therefore, you look at the adaniit's merely a catalyst for a broader sell-off that honestly is probably 18 to 12 month, you know, overdue. india outperformance makes no fundamental fact look, india needs to invest more in its infrastructure, if it's going to benefit from this french shoring, onshoring, whatever shoring thesis that everyone thinks is happening there is absolutely no evidence that fdi flows into india have gone into manufacturing, have gone into fixed capital asset formation. and there's no evidence that india has gained market share as all. so you have a headline of apple or some other company moving production to india. those are just little anecdotal pieces of evidence there's no macro evidence in the data that india is grabbing market share from china. and so i think a lot of investors just plowed into the country, you know, as a panic trade over the last two years. and are now getting whipsawed by the macro context. >> what do you think the geopolitical risk is to india in its relationship with ru

the adani empire lost $12 million in market value wednesday.urs a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am lisa mateo. this is bloomberg. ♪ conventional thinking delivers conventional results. at allspring, we break away with purpose. harnessing data-driven insights and boundless curiosity. we dissect the market from every angle. helping to build portfolios that redefine what's possible. because investing isn't one size fits all. allspring. purposefully divergent. allspring. girls... the chess club has gained an edge on our bake sales. we need more ways of connecting with customers, fast. i know some consultants with great ideas. can they help us improve our digital experience? absolutely. they've invested over $2 billion in tech. that could really help us manage inventory. and save us a ton of dough. then let's take back our market share. checkmate, chess heads. girls, i said “bedtime”! >> these tanks are meant to help ukraine fight effectively on open terrain to defe